Archer Daniels Midland quarterly profit slumps 60 percent

Business

The Archer Daniels Midland Co. (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

(Reuters) – U.S. grains merchant Archer Daniels Midland Co on Tuesday reported a 60 percent slump in fourth-quarter profit compared with the same period a year earlier when it recorded a tax gain.

Net earnings attributable to ADM fell to $315 million, or 55 cents per share, in the three months ended Dec. 31, from $788 million, or $1.39 per share, a year earlier, when the company recorded $249 million in tax gains.

Revenue fell to $15.95 billion from $16.07 billion.

Reporting by Arundhati Sarkar in Bengaluru

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